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IRS Telephone Scams

May 13, 2016 by admin

Steven A. Leahy
Beware IRS Telephone Scams

By Steven A Leahy

The biggest news about the IRS lately is really NOT about the IRS. I receive at least 5 calls a week about the “IRS” contacting taxpayers and telling them they are under investigation, or about to be sued or about to be arrested because the owe the IRS money and haven’t paid.

These calls are SCAMS – it isn’t the IRS calling! That is NOT how the IRS works. They will NEVER take a payment over the phone, or accept iTune cards as payment. That’s right, iTune cards. I was on David Hochberg’s Home Sweet Home Chicago Radio show last week to address these scams. You see, David received a call himself. We had previously addressed this issue on his show, so he knew it was a scam. He played along to see where it led.

Initially, the caller told him she could not help him – it was too late. But, with a little questioning, said she could talk to her supervisor to see if they could resolve the matter without having him arrested. Sure enough! If he went to Walgreens, CVS or Rite Aid and purchased around $3000.00 in gift cards, the “IRS” would not arrest him. The gift cards are also known as, get this, iTune cards! So, the caller told him to call back when he had the iTune cards and read the numbers on the back of the card.

As silly as this sounds, it WORKS. There wouldn’t be the number of scam calls as there are if there weren’t vulnerable taxpayer’s out there falling for it. The ONLY reason the scam works is the public is scared to death of the IRS and will do just about anything to avoid being a target.

Now, on rare occasions the IRS will call taxpayer. But they will NEVER ask for payment in this manner. If you EVER receive a call from the IRS, or someone claiming to be from the IRS, tell them you need to speak with your attorney, then hang up the phone. Immediately call my office for advise. If you need help, we are the firm to help. But, if you don’t, we will let you know that for FREE.

So, if you have ANY IRS questions, Call me, Attorney Steven A. Leahy at 312-664-6649. I am the Chicago IRS Answer Man.

Filed Under: Uncategorized Tagged With: Chicago Tax Help, Help With IRS, IRS Help Chicago, IRS Help IL, IRS Phone Calls, IRS Scams, steven leahy, Tax Problem Help, tax resolution chicago il

The Child Care Tax Credit- Do You Qualify?

June 17, 2013 by admin

Summer is here and if you are a working parent your children may be in daycare or with an in-home caretaker. Did you know this expense may qualify for a tax credit? Indeed, if you incur child care expenses anytime during the year, you may be eligible for the tax credit.

In order to qualify for the tax credit you must have earned income from either wages or self-employment. If married filing jointly, your spouse must also have earned income. The exception to this is if the spouse is a full-time student or unable to care for themselves due to mental or physical issues. The child(ren) for which you pay childcare for must be under 13 years old and must be claimed as dependent(s). The childcare expense can qualify for either in-home care or a daycare facility. Expense for overnight camps or summer tutoring do not qualify. If you pay other members of your family to babysit, this does not qualify. Keep your receipts and records to document this expense.

If you have any questions about this give our office a call at 312-664-6649. Read more about the child care tax credit here: http://taxes.about.com/od/deductionscredits/qt/child_care.htm

Filed Under: Uncategorized Tagged With: chicago il tax help, Chicago Tax Help, opem tax resolution, steven leahy, Tax Help Chicago, tax help chicago il

Tax Identity Theft on the Rise

June 6, 2013 by admin

Identity thieves have taken their game to law-abiding tax payers. Dishonest people file tax returns under the name and social security number of another person and claim refunds from the IRS. When the rightful person then files the real return, the IRS refuses to accept it, saying someone has already filed under that name. If this happens it is important to act quickly. You need to file a report with the local police or sheriff and present that to the IRS along with a paper tax return. (You may not e-file in this situation.)

Another scam is if you receive an email from the IRS. The IRS NEVER sends emails. If you get an email from someone appearing to be the IRS, DO NOT open it. This is a scam and one way identity thieves try to get your personal information. Be aware that the IRS can call you and they will if you haven’t filed or paid your tax returns. In some cases a revenue officer may come to your door, but they will never email. If you get an email that is posing as the IRS you should forward it to phishing@irs.gov so they can take steps to resolve the problem.

Should you choose to e-file your taxes next year there are a few preventative steps you can take to decrease the odds of identity theft. Do not use a public computer to file, and do not use a public network either. Always shred or burn your old tax records that you no longer need. (You don’t need to keep paperwork older than seven years.) If you are a victim of tax identity theft or if you have issues with the IRS please call my office today 312-664-6649 and see https://chicagotaxteam.com/why-us/.

Filed Under: Uncategorized Tagged With: chicago il tax attorney, chicago tax attorney, steven leahy, tax attorney chicago, tax attorney chicago il

Late Filing Your Taxes? Attorney Steven Leahy Offers Advice

June 1, 2013 by admin

The tax deadline was a few months ago, but what if you missed the April 15th deadline? The most important action you can take at this point is to file as soon as possible. The IRS is already tallying up interest and penalties on the amount you owe and these fees add up fast. The longer you put off filing, the more penalties you will accrue if you owe taxes. Additionally, many people don’t realize that failing to file a tax return is a felony. In other words criminal charges may be filed against you!

The penalty for filing late is approximately 5% of the unpaid taxes you owe for each month (or part of the month) the tax return is late, up to a maximum penalty of 25%. So if you owe $10,000 your first penalty for the month is $500. Not only is there a penalty for failing to file, there is an additional penalty for failing to pay. This penalty is one half of one percent of the unpaid taxes. Similar to the failure to file penalty, this penalty cannot exceed 25% of the net amount of taxes due. Most of my clients are shocked when they learn about the severity of these penalties.

I also want to clarify extensions- what they are and what they aren’t. A lot of people think that an “extension” allows you more time to pay your tax bill. This is NOT true. An extension merely affords you more time to file your return. If you owe taxes that amount is still due April 15th. If you are going to owe money and you file an extension, you also need to send the estimated amount that you will owe in with the extension. For instance if you think you are going to owe $10,000, it was still due April 15th. The extension deadline is October 15th to file.

What if you haven’t filed with the IRS for a couple years? The first priority we face is to get you caught up on your filings. Once we complete that and know the total amount you owe including interest and penalties, I may be able to negotiate with the IRS and get you set up with a payment plan, or we may get an Offer In Compromise in which the IRS agrees to settle for an amount less than what you owe. I handle those negotiations with the IRS for you. It is best for a tax professional to handle these situations because we know how to talk to the IRS. The taxpayer may say things that might not be in their best interest.

On occasion, the IRS will file a tax return on your behalf if you haven’t done so. This is not in your best interest either. They are trying to get you into compliance with the tax code, but usually you end up owing much more than if you filed on your own. The IRS doesn’t itemize any deductions and they use the highest possible tax rate. Letting the IRS file for you is not a good thing to do; you’re just hurting yourself.

The IRS might send a notice if you haven’t filed for some time. If you don’t respond to the first notice, the notices will start coming more often and they’ll start getting more aggressive. If you fail to respond to the notices, eventually you will get a notice that warns you that a levy will be placed on your bank account or your wages because you haven’t paid any attention to previous notices. If it gets to the point where the IRS is threatening to levy bank accounts and wages, they will be aggressive and fairly difficult to deal with. They have already decided you are not willing to cooperate.

If you are in good standing with the IRS or at least working towards getting into compliance, it is wise to begin preparing for 2013 tax time. Check your withholding. Adjust your withholding to have more taxes taken out of your paycheck if you are employed. If self-employed it is best to budget estimated tax payments. Set the money aside throughout the year. It is difficult to part with this money when you run a small business, but you will be much happier and more prepared come April 15th. Also it is helpful to keep detailed records, mileage logs, charity receipts, etc. If you get audited you will wish you had detailed records.

I am here to help you with your tax problems whether you are late in filing, late in paying, or receiving threats from the IRS. I can help you get into compliance and plan for a bright future that is free of IRS problems. Call today and let’s begin working toward resolution together. Call 312-664-6649 and visit https://chicagotaxteam.com/.

Filed Under: Uncategorized Tagged With: chicago il tax resolution, chicago tax resolution, steven leahy, tax resolution chicago, tax resolution chicago il

Deciding to Declare Bankruptcy.

May 13, 2013 by admin

Deciding to declare bankruptcy isn’t easy for anyone. However, it can actually be the best solution for the right situations. If you are already unable to pay your bills and your debt is growing you are already in financial trouble. Bankruptcy can be a way to relieve that debt and start fresh again. Forbes online published an informative article about bankruptcy that gives a few individual scenarios and talks about the reasons when and why someone should declare bankruptcy.

No matter what your financial hardship it is a good idea to get advice. Each situation is different and speaking with a knowledgeable bankruptcy attorney can give you a better perspective on when, how and why you may want to file. Bankruptcy is not a financial death sentence. Used in the right way, for the right situations bankruptcy can actually be a new beginning to financial freedom. If you are considering bankruptcy as an option you can call us for a free consultation (312)664-6649. If you would like to read the complete Forbes article mentioned you can see it here. http://www.forbes.com/2009/02/10/small-business-bankruptcy-entrepreneurs-finance_0210_bankrupt.html

Filed Under: Uncategorized Tagged With: bankruptcy lawyer chicago, bankruptcy lawyer chicago il, chicago bankruptcy lawyer, chicago il bankruptcy lawyer, steven leahy

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